HELG delivered a decent Q2 report with the Earnings per EC coming in at NOK 4.0 vs ARCe/Cons 3.9/3.9 and with a Q2 reported ROE of 11.7%. The bank delivered strong volume growth in the quarter with lending growth of 2.3% q/q while deposits also grew by an impressive 5.4% q/q, but underlying margins slid more than expected with NII coming in slightly below expectations. We revise our FY24/FY25/FY26 Adj. Earnings per EC estimates by 2%/1%/3% and incorporate the expected accounting gains from Fremt ....
